Insights from Paul Volcker

Source: BT, 15 Oct 2008

Paul Volcker, nicknamed the Inflation Slayer (for defeating double-digit inflation in the US during his Fed tenure from 1979 to 1987), was the former US Fed Chief. He made these comments recently.

He warned of "disturbing trends: huge imbalances, disequiliberia, risks."

"Altogether, the circumstances seem to me as dangerous and intractable as any I can remember, and I can remember quite a lot."

"I have been around for a while, I have seen a lot of crises but I have never seen anything quite like this one."

"I believe we are entering a recession of unknown duration."